EB-5 Seminars Chicago
I just returned from Chicago, having participated in what proved to be an excellent series of seminars for EB-5 practitioners hosted by Wright Johnson, LLC and Artisan Business Group. While most EB-5 events aim at lawyers, these seminars benefited from being more practical than theoretical, and clearly presented the nuts and bolts of each piece of the Regional Center puzzle, from program background to proposal filing to economic analysis to corporate law and securities considerations to escrow arrangements to business plans to marketing.
The following is a list of topics and presenters, and I recommend anyone planning to set up a Regional Center to save time and headaches by contacting these people and begging a bit of the useful information and advice shared at the conference.
Immigration Law and EB-5 Program Description
Joseph C. McCarthy, MS JD of McAdam & McCarthy
Econometrics and Project Planning
Kevin Wright of Wright Johnson
Business Plan Preparation
Suzanne Lazicki of Lucid Professional Writing
Corporate Law
Jor Law and Michael Homeier of Homeier & Law, P.C.
Escrow
Brian Terwilliger of NES Financial
Regional Center Resources and Networking
Michael Gibson of USAdvisors.org
Peter Joseph of Association to Invest in USA
Regional Center Marketing
Brian Su of Artisan Business Group
New Regional Center (MI)
The USCIS list of approved Regional Centers has been updated as of 9/1 with one new Regional Center: Green Detroit Regional Center, LLC, approved for alternative energy projects in the Detroit-Warren-Livonia MSA.
“Material Change” AAO Decisions Published
The USCIS website has now published the famed “material change” decision involving the Philadelphia Industrial Development Corporation (PIDC), which is managed by CanAm Enterprises. The decision is a scary-must read for all those regional centers out there whose project plans or area demographics might change over time, or who thought they could use bridge loans. I previously posted a summary of the PIDC decision. An additional denial involving Capital Area Regional Center Job Fund has also been published. My summary of the CARc decisions, which also involve material change and acceptable use of funds, can be reviewed below.
The Big Players
The USCIS list of approved Regional Centers has been updated twice this week (8/23 and 8/26), but not with any new centers. So I’ll take a moment to note a few players that sprawl through the list: American Life, a grand-daddy on the list (since 1996) and now behind ten Regional Centers around the country; CanAm Enterprises, which handles a relatively high volume of investment through its centers in Philadelphia, Pennsylvania, Hawaii, and Los Angeles; and America’s Center for Foreign Investment, currently the largest center geographically with an area covering most of five states.
American Life (www.amlife.us)
Principal: Henry Liebman
- Regional Center Properties, Inc.
California (Los Angeles, San Bernardino, and Riverside, Orange, and San Diego counties) - Regional Center Management Los Angeles
California (Los Angeles area) - Riverside PUMA Area Regional Center
California (Riverside County) - American Life Investments, LLC
Florida (Miami-Dade County) - Atlanta EB5 Regional Center LLC
Georgia (Atlanta MSA) - Buffalo Regional Center
New York (Buffalo-Niagara Metropolitan Statistical Area in Erie and Niagara Counties) - American Life, Inc. – Lakewood Regional Center
Washington (City of Lakewood) - American Life Ventures Everett, Washington
Washington (City of Everett) - American Life Seattle RC | Gold Rainbow | Freedom Fund
Washington and Oregon (Jackson County, OR and Seattle, WA) - American Life Ventures, Tacoma, Washington
Washington (City of Tacoma)
CanAm Enterprises (www.canamenterprises.com)
- Hawaii Regional Center
- Pennsylvania Regional Center
- Los Angeles Regional Center
- Philadelphia Regional Center
America’s Center for Foreign Investment, LLC (www.acfi-usa.com)
Principals: James DeBates, Boyd Campbell, Ron Drinkard
- Alabama (entire state)
- Tennessee (entire state)
- Mississippi (38 counties along the north, east, and south borders of the state)
- Georgia (52 counties in the north and center of the state)
- Florida (41 counties in the north of the state)
According to Michael Gibson of USAdvisors.org, of the over 100 Regional Centers only a handful of the largest centers account for about 90% of all EB-5 investment offerings. American life reportedly claims up to 1/3 of all EB-5 investment, followed by the CanAm-managed regional centers, CMB, Vermont, South Dakota, CCAE, and (a more recent player) NYC Regional Center.
EB-5 Stakeholder Meetings 2010-2011
The USCIS Office of Public Engagement has issued an invitation to its EB-5 Stakeholder Events for Fiscal Year 2011:
October 14, 2010: Teleconference only
December 16, 2010: Teleconference only
March 17, 2011: In person at the California Service Center and by teleconference
June 16, 2011: Teleconference only
September 15, 2011: In person in Washington DC and by teleconference
Mark your calendars! These events offer important insight into the ever-developing USCIS understanding of the EB-5 program, and interesting practical questions are raised and sometimes answered. The invitation includes information on how to RSVP and submit agenda items.
New Regional Centers (FL, NC, TN, UT)
Regional Center approvals are coming thick and fast, with four new centers posted this week on the USCIS list of approved Regional Centers (updated as of 8/16/2010). American Life Investments, LLC is the sixth new Regional Center in Florida this year (bringing Florida’s total to thirteen), and the tenth Regional Center for Henry Liebman, who also manages centers in Washington, Oregon, California, New York, and Georgia. Tennessee and Utah are making their first appearance on the list this week.
American Life Investments, LLC
Geographic Scope: Miami-Dade County, Florida
Industries: Commercial/Industrial Development; Public/Private Arrangements w/ the City of Miami, non-profits, Miami-Dade County or other entities to develop civic/public facilities and infrastructure; Renovation of functionally obsolete buildings preserving historical features; Mixed Use Developments, including retail, residential, apartments, and condominiums; and the Provision of Capital, loans or investment for businesses wishing to locate in the regional center area.
Florida EB5 Investments LLC Regional Center
Geographic Scope: State of Florida
Industries: Traveler Accommodations, Food Service & Drinking Places, Retail Trade, Real Estate, Manufacturing, Performing Arts, Construction, Wholesale, Finance, Insurance, Healthcare, Transportation & Warehouse, Administrative & Support Services and Information & Media
Tennessee Regional Center, LLC (www.EB5-invest.com)
Geographic Scope: State of Tennessee (28 Counties) and State of North Carolina (11 counties)
Industries: Accommodation and Food Services; Arts, Entertainment and Recreation; Construction of Buildings; and Retail Trade
Mountain States Center for Foreign Investment (www.mountainstatescenter.com)
Geographic Scope: Utah
Industries: Hospitality, resort and service industry; horse ranch development; high technology; health care services and innovation; entertainment; educational; and infrastructure
New Regional Centers (CA, FL, IN, NY, NC)
The USCIS list of approved Regional Centers, updated as of 8/4/2010, includes the following new centers added this summer:
California Green Regional Center (www.cagreenrc.com)
Geographic Scope: California Counties of Los Angeles, San Bernardino, Kern & Riverside
Industries: Utility, Agriculture, Food Processing, Office & Residential Building, Scientific Research & Education, Hospitality, Retail, Food Service, and Entertainment & RecreationalNorthern California Regional Center, LLC (www.eb5northerncalifornia.com)
Geographic Scope: California counties of Colusa, Butte, Glenn, Sacramento, San Joaquin, Shasta, Sutter, Tehama, Yuba and Yolo
Industries: Dairy Cattle and Milk ProductionVelocity Regional Center (www.v-regionalcenter.com)
Geographic Scope: California Counties of San Joaquin, Stanislaus, Merced, Fresno, Kings, Kern, Ventura, Los Angeles, San Bernardino, Orange, Riverside, San Diego, and Imperial
Mirzam Investor Green Card Regional Center
Geographic Scope: South and Central Florida- the Florida counties of Citrus, Hernando, Sumter, Lake, Orange, Brevard, Indian River, Osceola, Polk, Hillsborough, Pinellas, Manatee, Sarasota, Hardee, Desoto, Highlands, Okeechobee, St. Lucie, Martin, Palm Beach, Glades, Hendry, Charlotte, Lee, Collier, Broward, Miami-Dade, and Monroe.
Industries: Aquaculture-Shellfish Farming NAICS Code 112512
Midwest Center for Foreign Investment, LLC
Geographic Scope: Indiana: Counties of Jefferson, Nelson, Oldham, Hardin, Bullitt, Shelby, Meade, Henry, Trimble, Caroll, Spencer, Marion, Breckinridge, Larue, Grayson, & Washington; Indiana: Counties Clark, Floyd, Harrison, Washington, Jefferson, Scott, & Crawford
Industries: Agriculture., Bioscience, Green Energy, Manufacturing & Warehousing, Health Care, Retirement Communities, Medical Banking, e-Health, Data Centers for Regional Health Information Organizations, and Health Information Exchanges, Advanced Technology and Scientific Development, Leisure, Recreation, Hospitality Tourism and Service Industries, Construction, Retail, Commercial, Residential and Office Development
New York Immigration Fund, LLC
Geographic Scope: New York counties of the Bronx, Kings, Queens, Richmond and New York
Industries: Capital loans & investments; building renovation; real estate development (mixed use); hospitality; industrial space; conference space; U.S. Customs Bonded warehouse services; nursing homes; assisted living facilities; health services & medical technology; manufacturing; and technology
Atlantic Regional Center for Foreign Investment, LLC (ARCFi)
Geographic Scope: North Carolina from Interstate 77 East (72 counties)
Industries: biotech pharmaceutical life sciences; advanced/applied materials; industrial shipping/transportation; and mixed-use development utilizing sustainable methods of traditional industries (manufacturing and real estate)
Lansing RC in The New Republic
The New Republic (August 5, 2010) has a positive article on the potential of EB-5 investment (presented as synonymous with Chinese investment) to benefit the Lansing area economy, and particularly Michigan State University.
Up-coming EB-5 Seminars
AILA CLE Conference on EB-5 (Boston 8/27/2010)
“Investing in America — Making EB-5 Work for Your Clients and Your Practice” is an AILA-hosted CLE conference devoted to EB-5, to be held in Boston on August 27, 2010. Track 1 sessions are designed for the new EB-5 practitioner, providing an overview of the law, recommended protocol for determining whether EB-5 is an appropriate client strategy, and information on preparing and filing an EB-5 case. Track 2 sessions for EB-5 veterans cover matters such as strategies for success in country-specific cases, matters related to source of funds, securities laws and compliance issues, and considerations relevant to the actions of promoter agents and finders fees. Early bird registration ends August 13.
EB-5 Seminars (Chicago 8/30-31/2010)
Regional Center Development (Monday, August 30, 2010) hosted by Wright Johnson, LLC. Topics include legal issues and application processing, econometrics and project planning, investor marketing, private placement memoranda, business plans, and escrow agreements.
Regional Center Promotion (Tuesday, August 31, 2010) hosted by Artisan Business Group. The seminar will discuss in detail issues related to Regional Center promotion in the Chinese market and working with immigration agencies and brokers.
AILA summary of new EB-5 developments
The AILA yesterday published a useful document entitled “New Developments in EB-5s.” Prepared by Ron Klasko, Chair of AILA’s EB-5 Committee, the report presents developments/clarifications in EB-5 processing taken from EB-5 stakeholders meetings and memoranda from June 2009 through June 2010. Topics include condition removal, troubled businesses, job creation, TEA designation, Regional Center proposals and business plans, requirements for the manner and timing of EB-5 investment, new commercial enterprise issues, and the material change problem.
-
Recent
- EB-5 Seminars Chicago
- New Regional Center (MI)
- “Material Change” AAO Decisions Published
- The Big Players
- EB-5 Stakeholder Meetings 2010-2011
- New Regional Centers (FL, NC, TN, UT)
- New Regional Centers (CA, FL, IN, NY, NC)
- Lansing RC in The New Republic
- Up-coming EB-5 Seminars
- AILA summary of new EB-5 developments
- 2010 AAO Decision (CanAm)
- 2010 AAO Decisions (CARc)
-
Links
-
Archives
- September 2010 (2)
- August 2010 (7)
- July 2010 (3)
- June 2010 (8)
- May 2010 (7)
- April 2010 (4)
- March 2010 (3)
- February 2010 (5)
- January 2010 (6)
-
Categories
-
RSS
Entries RSS
Comments RSS
